PhonePe, a Walmart-backed fintech company, has filed draft papers for its Initial Public Offering. The public offer will only include offer-for-sale up to 5.06 crore shares by promoter and investor selling shareholders.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
WM Digital Commerce Holdings Pte Ltd., owned by Wal-Mart International Holdings Inc is the promoter of the company offloading shares in the offer for sale. The promoter is offloading 4.59 crore shares which represents 9.06% of the total paid-up equity. Tiger Global PIP 9-1 Ltd. and Microsoft Global Finance Unlimited Company, an Irish subsidy of Microsoft Corporation are the investors offloading stake.
Kotak Mahindra Capital Co., J.P. Morgan India Pvt., Citigroup Global Markets India Pvt. and Morgan Stanley India Company Pvt. are the book-running lead managers for the issue and Kfin Technologies Ltd. will be the registrar of the issue.
The company had filed confidential draft papers for its Initial Public Offering in September. The filing of the confidential draft papers came after the company secured final authorisation from the Reserve Bank of India to operate as an online payment aggregator last Friday.
The Bangalore-based company is building digital platforms for population-scale adoption and powering an ecosystem of apps across Payments services, Digital Distribution Services and Financial Services. It was India's first private non-bank player to launch a UPI-based application in August 2016, as per National Payments Corporation of India (“NPCI”) data.
The company has three major digital platforms that includes the PhonePe platform which caters to consumers and merchants, Share.Market — a stock broking and mutual funds distribution platform and Indus Appstore a Made-In-India Android app store.
The revenue from operations in fiscal 2025 rose 40.5% to Rs 7,114.86 crore in comparison to Rs 5,064.13 crore. The company in the last financial year posted a restated loss of Rs 1,727.41 crore in comparison to Rs 1,996.17 crore reported in the fiscal 2024.
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